Answers
These are several situations in which it might be inappropriate to use email:
When the message is very urgent or time-sensitive. In such cases, it might be more appropriate to use a faster mode of communication, such as a phone call or text message.When the message contains sensitive or confidential information. Email is not a secure mode of communication and there is a risk that the message could be intercepted or accessed by unauthorized individuals.When the message is very emotional or confrontational. Email can be easily misinterpreted, and it can be difficult to convey tone or emotion through written words. If a message is likely to be emotional or confrontational, it might be better to have a face-to-face or phone conversation instead.When the message requires a lot of back-and-forth or discussion. Email is not always the most efficient way to have a conversation, and it can be difficult to have a productive discussion via email. In such cases, it might be better to have a face-to-face or phone conversation.\(\bold{ \: \purple{Hope \: This \: Helps \: You!}}\)
Related Questions
3. Which of the following is NOT something you need to find out about in career planning?
a. the age of workers in an occupation
b. wages paid
c. education and training required
d. duties performed
Answers
Answer:
D
Explanation:
List five types of damage that can happen to you because of identity or financial information theft. Use online resources to research the implications of identity theft. Give us five ways how it can impact your life.
Answers
The five types of damage caused due to financial information theft are as follows:
A credit card was declinedRejected for a different loan type, such as a student, mortgage, or personal loan Due to identity theft, you're currently in debt. Calls from collection agencies related to fraudulent accounts No checking or savings account can be openedWhen someone utilizes another person's personal information for financial gain, it is called financial identity theft. This type of identity theft is the most prevalent (together with the credit card example previously mentioned). Many different types of financial identity theft exist, including The details of your credit card may be used by fraudsters to make purchases.
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You are appointed by the trade union to represent the members of the union on resolving disputes on discrimination involving salary. Explain ways that can be used to resolve the disputes.
Answers
As the appointed representative of the trade union in resolving disputes related to salary discrimination, there are several ways to address and resolve such issues. Collaboration, evidence-based discussions, and a commitment to equality are essential in resolving disputes related to salary discrimination effectively.
Negotiation and Mediation: Encourage open dialogue between the involved parties, including the affected employees, management, and relevant stakeholders. Engage in negotiation and mediation to explore potential solutions and reach a mutually agreeable resolution. This can involve discussing concerns, presenting evidence of salary disparities, and working towards a fair and equitable compensation structure.
Collect and Analyze Data: Gather comprehensive data on salaries, job roles, qualifications, and performance evaluations to identify any discriminatory patterns. Conduct a thorough analysis to determine if there are significant differences in pay between individuals based on protected characteristics (such as gender, race, or age). This data can serve as evidence in support of addressing the discriminatory salary practices.
Policy Review and Implementation: Review existing policies and procedures related to salary determination and promotion practices within the organization. Identify any gaps or biases that contribute to discrimination. Advocate for the development and implementation of fair and transparent policies that promote equal pay for equal work and provide guidelines for salary negotiations, evaluations, and promotions.
Legal Support: If informal resolution attempts are unsuccessful, seek legal assistance to address the salary discrimination issues. Consult with labor or employment lawyers who specialize in discrimination cases to explore legal options, including filing complaints with relevant authorities or pursuing litigation if warranted.
Awareness and Training: Promote awareness and education on issues of salary discrimination within the organization. Conduct workshops, training sessions, or seminars to educate employees and management about equal pay rights, anti-discrimination laws, and the importance of fair and unbiased salary practices. This can help foster a culture of inclusivity and equity within the workplace.
Monitor and Follow-Up: Regularly monitor and review salary practices and the implementation of agreed-upon resolutions. Ensure compliance with any newly established policies and continue to address any emerging issues or concerns promptly. Ongoing monitoring and follow-up are crucial to ensure sustainable changes and prevent future occurrences of salary discrimination.
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July 25, Andrews Promoters received $4,500 in revenue from cash ticket sales.
ce
What accounts are affected ?
Answers
Answer:
Cash accountRevenue AccountExplanation:
The tickets are sold on a cash basis. The transaction resulted in an increase in cash to the business. Therefore, the cash account will be affected. An increase in cash is debited to the cash account. $4500 will be debited
The transaction involved the selling of tickets, which is a business activity that generated revenue. The sales or revenue account will be affected. The revenue will increase by $4500. An increase in revenue is credited.
Task: Now that you are about 50% completed with your course, I would like for you to take this time to reflect on your current grade. Your task is to:
1. Review your grade by looking up your Actual Grade and Progress.
2. Write a 3-4 sentence reflection piece on how you aim to continue thriving or how you will improve your grade. This
must be in complete sentences in order to recieve appropriate credit.
Once you have gathered your information, you will enter it below in paragraph form. Everything must be in complete sentences. Please check for any grammar and/or punctuation errors.
Answers
Answer:
I don't really think you need help with this but umm you can write after looking at your grade: *this is an example*
Explanation:
(For online)
"I would like to improve my grade by focusing more and not getting distracted. Another way I would like to improve my grade is where I can work without any noise. Lastly, I would like to improve my grade by turning off any electronics in sight or reach."
(Longer sentence with some grammar and/or punctuation errors checked):
"I would like to generally improve my grade by focusing kind of more and not getting distracted, particularly contrary to popular belief. Another way I would like to mostly improve my grade basically is where I can work without any noise, which specifically is quite significant. Lastly, I would like to kind of improve my grade by turning off any electronics in sight or reach, or so they for the most part though."
-------------------------------------------------------------------------------------------------------------
(For face to face school)
"I would like to improve my grade by asking the teacher for help when needed. Try and ignore my friends when they try and talk to me in class (if you're with friends), Try and ignore people around me if they talk to each other or if they talk to me (without friends). Focus on my work and take notes when asked or needed."
(Longer sentence with some grammar and/or punctuation errors checked):
"I would like to for the most part improve my grade by asking the teacher for particular help when needed, or so they definitely thought. Try and mostly ignore my friends when they for the most part try and definitely talk to me in class (if you're with friends), generally Try and basically ignore people around me if they really talk to each definitely other or if they, for the most part, talk to me (without friends), basically contrary to popular belief. Focus on my work and particularly take notes when for all intents and purposes asked or needed, demonstrating how literally try and for the most part ignore my friends when they mostly try and specifically talk to me in class (if you\'re with friends), actually Try and basically ignore people around me if they, for the most part, talk to each definitely other or if they actually talk to me (without friends), which particularly is fairly significant."
Lastly:
Good Luck!
Other things held constant, which of the following actions would increase the amount of cash on a company’s balance sheet?
Answers
An increase in cash would be shown on a company's balance sheet if it repurchased common stock.
Which activity would result in a greater growth in cash on a company's balance sheet?New common stock is issued by the corporation. A corporation will sell new common stocks to the public, and in exchange, the public will pay for those new common stocks, which will raise the company's cash balances.
What makes a company's cash balance grow?Offering incentives for early payments, leasing instead of purchasing, increasing inventory, checking consumer credit, and employing high-interest savings accounts are all strategies to improve cash flow for a firm.
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An amount for which of the following accounts would not appear in the Balance Sheet columns of the end-of-period spreadsheet?
a. Terry James, Drawing and Unearned Revenue
b. Service Revenue
c. Terry James, Drawing
d. Unearned Revenue
Answers
Answer:
Service revenue
Explanation:
Service revenue does not appear on a balance sheet. It appears on an income statement.
Small Business Management (1)
There are at least eight different pricing strategies for established goods and services. Explain The Below FOUR (4) of those strategies and under what conditions a business owner should use them.
1. Odd pricing
2. Price lining
3. Freemium pricing
4. Leader pricing
Answers
The given four pricing strategies are explained below:
1. Odd Pricing
Odd pricing is a method of pricing products when the price is an odd number. Example: Traditionally, certain shoe companies use strange pricing to determine the cost of their shoes and chappals, such as 399.95 $. The decision to set the price at an odd number makes perfect sense. Instead of 400$, 399.95 $ sounds better. It gives the appearance that the price is lower.
2. Price lining
In this instance, the price is set once, and it stays that way for a considerable amount of time.
3. Freemium pricing
Businesses can use freemium pricing as a pricing strategy to provide clients with both free and paid services. The paid alternatives are typically improved, or premium, versions of the service, whereas the free options are only the basic ones.
4. Leader pricing
A technique for pricing things below their profit margin is called leader pricing. Businesses who use this tactic don't earn from the sales of these discounted goods, but it might offer them a lot of advantages. Businesses may attract customers, promote purchases, raise overall sales, and strengthen customer loyalty by providing fantastic discounts to their customers.
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Relative Valuation (45 min) X KNOWLEDGE CHECK On the chart below, if the earnings per share grew from 7.61 on December 31, 2018, to 7.82 on June 30, 2019, what would the implied earnings yield be?
Answers
The implied earnings yield be 4.1%.
Thus, the correct option is B.
What do you mean by earnings?The net advantages of a corporation's operations are its earnings. Additionally, earnings are the source of corporation tax obligations.
EBIT and EBITDA are two additional terms that are more specifically utilized for a study of certain areas of company operations. There are other other names for earnings that are frequently used, including income and profit.
Earnings are the sum of money that a person or organization receives over a specific time period.
They can be found on an income statement for a business and are used to gauge how profitable it is. Better financial performance is typically indicated by higher recurring earnings, which can also have a beneficial effect on stock values.
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Help!
dancing is considered as labor, capital,land or entrepreneurship?
Answers
Answer:
D. Entrepreneurship
Because 100% it's not a land or a capital. Well, it may be a labor, but mostly it's entrepreneurship.
Hope that helps you
Unemployment that occurs when worker's skills do not match the jobs that are available.
a. seasonal unemployment
c. cyclical unemployment
b. structural unemployment
d. frictional unemployment
Answers
Answer:
b. structural unemployment
Unemployment that occurs when worker's skills do not match the jobs that are available is called structural unemployment. Thus, its B.
What is Unemployment?Unemployment refers to the condition of an individual who is able and willing to work, but is unable to find a job. Unemployment can have a range of negative impacts on individuals, families, and communities, including financial hardship, social isolation, and reduced quality of life.
Unemployment is typically measured and reported by national statistical agencies, using various measures of unemployment, such as the unemployment rate, labor force participation rate, and the number of individuals seeking employment.
Governments and policymakers often implement various policies and programs to address unemployment, such as job training and education programs, unemployment insurance, and economic stimulus measures.
These efforts aim to create jobs and reduce unemployment, which can help to improve the overall health and stability of the economy and society.
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1. ______should develop a statement of ethical values. 2. If employees lack ________, they may be ineffective in performing their duties. 3. Organizational structure provides a basis for planning, directing, and controlling _________. 4. The audit committee should be composed of directors who are not _______of the organization. 5. To enhance the control environment, management develops job __________.
Answers
According to the business and organization practices:
Senior Management should develop a statement of ethical values.
This is because they are the ones that are responsible for establishing and enforcing rules and regulations.If employees lack skills, they may be ineffective in performing their duties.
This is because it is through the application of skills employers perform their functions.Organizational structure provides a basis for planning, directing, and controlling Operations.
This is because organizational structures are comprised of all the activities occurring in the company.The audit committee should be composed of directors who are not employees of the organization.
This is because fair and credible auditing should be done by people who are not biased or interested in the firm.To enhance the control environment, management develops job descriptions.
This is because job descriptions will give all employees the ideas he needs to perform his functions.
Hence, in this case, it is concluded that business practices and operations are crucial to the success of any company.
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Under an operating lease: (Select all that apply.)Check All That ApplyThe lessee reports amortization expense and interest expense separately in its income statement.The lessee reports amortization expense and interest expense separately in its income statement.The lessee reports a single amount of lease expense, which is equal to interest expense plus amortization expense, in its income statement.The lessee reports a single amount of lease expense, which is equal to interest expense plus amortization expense, in its income statement.The lessor reports a single amount of lease revenue, which is equal to interest revenue plus amortization revenue, in its income statement.The lessor reports a single amount of lease revenue, which is equal to interest revenue plus amortization revenue, in its income statement.The lessee reports lease expense on a straight-line basis and the lessor reports lease revenue on a straight-line basis over the lease term.The lessee reports lease expense on a straight-line basis and the lessor reports lease revenue on a straight-line basis over the lease term.
Answers
Answer:
The lessee reports a single amount of lease expense, which is equal to interest expense plus amortization expense, in its income statement.The lessee reports lease expense on a straight-line basis and the lessor reports lease revenue on a straight-line basis over the lease term.Explanation:
An operating lease is basically renting an asset from a lessor where the lessee will pay a certain amount every period for the use of the asset.
This rent payment is equal to the interest expense plus amortization expense and will be reported in the income statement of the lessee as an expense.
This amount will also be reported on a straight-line basis for the duration of the lease term which means that even if rent increases, it will still have to be reported by the same amount over the lease period because the lease increase should have been taken into account already.
The lessor also reports lease revenue on a straight-line basis over the lease term.
Giada is at an extracurricular activity fair for her high school and is trying to decide which clubs to join. Her hobbies include fixing old appliances and rebuilding them to sell at flea markets. She prefers not to have children when she's older and faints at the sight of blood. She's never been thrilled about public speaking. Which CTSO Giada should join? Giada should join FCCLA. Giada should join FEA. Giada should join HOSA. Giada should join TSA.
Answers
Answer:
Giada should join FEA.
Explanation:
Giada wants to decide which club she can choose for her high school in her extra curricular activity fair.
which club Giada can choose ?Giada is not very good with blood as she faints when she sees blood so HOSA is not good for her as it is a health care field.
Giada cannot join FCCLA and TLA as she does not want children's and she is not very fond of public speaking.
Giada can join the club for FEA because Finite Element Analysis is related with fixing of elements and she has an interest in this field.
Therefore, Giada should join the CTSO for the FEA because this field relates to her interests.
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Can someone sign up for temu for me with a link
Answers
Answer:
i don't y'all
Explanation:
ddddd
Factors of production are the parts of the economy that:
O A. protect consumers during difficult economic times
O B. prevent the government from interfering with the economy.
O C. are necessary for creating goods and services.
D. measure the health of an economy at any time.
SUBM
Answers
Factors of production are the parts of the economy that Option C. are necessary for creating goods and services.
Factors of production are the essential elements that contribute to the creation of goods and services within an economy. Factors of production are necessary for creating goods and services.
These factors include land, labor, capital, and entrepreneurship. Land refers to the natural resources used in production, such as water, minerals, and fertile soil. Labor involves the human effort and skills applied to produce goods and services. Capital includes the tools, machinery, and infrastructure required for production, while entrepreneurship involves the innovation, risk-taking, and management skills necessary to organize and operate a business.
Together, these factors of production work in harmony to transform raw materials into goods and services that can be consumed by individuals, businesses, and governments. The efficiency and effectiveness of these factors determine the overall productivity of an economy, as well as its ability to grow and generate wealth.
In summary, factors of production are essential components of an economy that enable the creation of goods and services. By utilizing land, labor, capital, and entrepreneurship, societies can generate valuable products and services that contribute to economic growth and improved standards of living. Therefore, the correct option is C.
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Select the correct answer.
Prontas Inc. has bought back 2,000 of its stock from its shareholders at par value of $5. How will this transaction be recorded in the journal of Prontas Inc.?
A.
Treasury Stock Account (Debit) $10,000 Common Stock Account (Credit) $10,000
B.
Cash Account (Debit) $10,000 Common Stock Account (Credit) $10,000
C.
Cash Account (Debit) $10,000 Treasury Stock Account (Credit) $10,000
D.
Treasury Stock Account (Debit) $10,000 Cash Account (Credit) $10,000
Answers
If Prontas Inc. has bought back 2,000 of its stock from its shareholders at par value of $5. This transaction will be recorded in the journal of Prontas Inc. as: D. Treasury Stock Account (Debit) $10,000 Cash Account (Credit) $10,000.
What is journal entry?Journal entry is used by companies to post their business transaction. The appropriate journal entry to record this transaction is Treasury Stock Account (Debit) $10,000 Cash Account (Credit) $10,000 which is calculated as :
Prontas Inc. entry
Debit: Treasury Stock $10,000
(2,000 x $5)
Credit: Cash $10,000
(2,000 x $5)
Therefore the correct option is D.
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The supplies account had a balance of $880 at the beginning of the year and was debited during the year for $3,846, representing the total of supplies purchased during the year. If $2,797 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is
Answers
Answer:
the supplies expense to be reported on the income statement for the year is $1,929
Explanation:
The computation of the supplies expense to be reported on the income statement for the year is as follows:
= Beginning supplies account balance + purchase of supplies - closing supplies
= $880 + $3,846 - $2,797
= $1,929
Hence, the supplies expense to be reported on the income statement for the year is $1,929
Question 7: Which of the following is true about entrepreneurs and risk?
A. Entrepreneurs take more risks than the average person.
B. Risk is an objective assessment.
C. Entrepreneurs who take greater risks tend to be more successful than those who take fewer or smaller risks.
D. Most successful entrepreneurs are very calculated risk takers
Answers
Task 2
The Federal Reserve has control over the nation’s monetary policy. Through adjusting the required reserve ratio, buying and selling government bonds on the open market, or adjusting the discount rate, the Fed can influence interest rates and the money supply in the country. When we talk about interest rates, it’s important to distinguish between long-term and Short-term interest rates. Short-term interest rates are directly affected when the Fed changes its federal funds and discount rates and are for loans made for short periods. long-term interest rates are set by market forces. Lower long-term interest rates encourage investment by businesses and consumers because the cost of paying back the money over a long period is low. Keep this distinction in mind while you complete the following activity.
Part A
Considering the current state of the economy and what you know about monetary policy, do you think the Federal Reserve should increase interest rates, decrease interest rates, or keep interest rates constant? Why?
Part B
Using an Internet search engine, find a website or an article that contains an editorial or opinion piece that shares your opinion and copy the URL in the space below. Keep in mind that it might take you some time to find a good article, so don’t automatically take the first one you find.
Part C
List three main points from the source you found that explain the author’s reasoning.
Part D
Based on what you have read, what bias might the author bring to his or her opinion?
Part E
Using an Internet search engine, find a website or an article that expresses the opposite to your opinion and copy the URL in the space below. Keep in mind that it might take you some time to find a good article, so don’t automatically take the first one you find.
Part F
List three main points from the source you found that explain the author’s reasoning.
Part G
Based on what you have read, what bias might the author bring to his or her opinion?
Answers
The Federal Reserve's monetary policy decision regarding interest rates depends on several factors including economic growth, inflation, and employment levels.
What factors could lead to Fed Monetary Policies?If the economy is growing rapidly, inflation is rising, and employment is strong, the Fed may increase interest rates to keep inflation in check and slow down the economy.
On the other hand, if the economy is weak, inflation is low, and unemployment is high, the Fed may decrease interest rates to encourage borrowing, spending, and investment, and boost economic growth.
As of 2021, the Federal Reserve has kept interest rates low to support the economic recovery from the COVID-19 pandemic. However, the future path of interest rates will depend on how the economy performs and evolves over time.
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Both the federal government and the state governments share the power to
A. operate post offices.
B. establish and maintain schools.
C. register patents for new inventions.
D. impose taxes.
Answers
Answer: I think its D
Explanation: because they have the power to to tax, make enforce laws, and charter banks
This year Andrews achieved an ROE of 12.9%. Suppose management takes measures that decrease Asset turnover (Sales/Total Assets) next year. Assuming Sales, Profits, and financial leverage remain the same, what effect would you expect this action to have on Andrews's ROE?
Answers
Andrew's Return on Equity (ROE) will reduce if the management takes measures to the decrease Asset turnover in the next year.
What is ROE?Return on equity (ROE) is a financial performance metric that is calculated by dividing net income by shareholders' equity. Because shareholders' equity equals a company's assets minus its debt, ROE is also known as return on net assets.
Using the Dupont formula, ROE can be determined using :
ROE = Net profit margin x Asset turnover x Financial leverage
ROE = (Net income / Net Sales) x (Net Sales/Total Assets) x (Total asset / Common equity)
If net profit margin and financial leverage remain the same and asset turnover is reduced, ROE would reduce.
Therefore, the ROE of Andreas will reduce the next year if the management decreases the Asset turnover ratio, Sales, Profits, and financial leverage remaining unchanged.
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What is market environment
Answers
Answer:
The market environment is the combination of external and internal factors that affect a company's ability to establish a relationship with and serve its consumers.
Explanation:
The internal factors relate to the company itself, such as owners, workers, materials, components, etc.
The external factors are divided into macro and micro components. The macro component is the broad environment which includes societal forces that affect society as a whole. The micro component is task-related, which includes factors that influence the production, manufacturing and distribution of a product or service.
Retail companies compete based on:
a) Customer service
b) Value
c) Price
d) All of the above
Answers
Answer: D. all of the above
Explanation:
Retail companies compete based on Customer service, Value and Price(all of the above).
What is a retail company?Retail companies are businesses that render the sale of goods and provision of services to customers for their consumption.
They typically sell items and services in-store and online, snce they are direct distributors to consumers.
Examples of retail companies include
Walmart CostcoAmazonare known for clothing, drug, grocery, and convenience stores.
These companies compete for customers based on
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Create your own WBS is for a project by using the mind-mapping approach. Break at least two level two items down to level four. Try to use mind view software from www.matchword.com, if possible. You can also create a mind map by using similar mind mapping software or a tool like powerpoint.
PLEASE HELPPPP
Answers
The WBS is a foundational building block to initiating, planning, executing, and monitoring and controlling processes that are used to manage projects as they are described in the PMBOK® Guide—Third Edition (PMI, 2004). Typical examples of the contribution that the WBS makes to other processes are described and elaborated in the Practice Standard for Work Breakdown Structures–Second Edition (PMI, 2006).
Frank Gentry works as a sales representative for Tech-Med, a firm that manufactures hospital supplies. Recently, a prospective buyer walked into the Tech-Med store seeking beds for the children's ward in his private clinic. Frank quickly showed the client the range of beds available that were designed specifically for children. In which of the following steps of the selling process was Frank?
a. presentation and demonstration
b. follow-up
c. qualifying
d. handling objections
e. prospecting
Answers
Answer:
a. presentation and demonstration
Explanation:
It is correct to say that Frank is in the presentation and demonstration stage in the sales process, as the question says that he showed the customer the variety of available beds designed for children, that is, he presented the product to the customer and demonstrated that it would satisfy your needs, in this case the seller reiterates the value and benefits of the product so that there is interest on the part of the consumer in making the sale.
The following is information for Palmer Company. Year 3 Year 2 Year 1 Cost of goods sold $ 643,825 $ 426,650 $ 391,300 Ending inventory 97,400 87,750 92,500 Use the above information to compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2. From Year 2 to Year 3, did Palmer improve its (a) inventory turnover and (b) days' sales in inventory
Answers
If Palmer Company. Year 3 Year 2 Year 1 Cost of goods sold $ 643,825 $ 426,650 $ 391,300 Ending inventory 97,400 87,750 92,500 compute inventory turnover for Year 3 and Year 2, and its days' sales in inventory at December 31, Year 3 and Year 2:
a) Inventory turnover for Year 2, and its days' sales in inventory at December 31, Year 2
Inventory turnover =$426,650/($92,500+$87,750)/2
Inventory turnover=$426,650/$90,125
Inventory turnover=4.7 times
Days' sales in inventory=$87,750/$ 426,650×365 days
Days' sales in inventory=$87,750
Days' sales in inventory=75.07 days
b) Inventory turnover for Year 3, and its days' sales in inventory at December 31, Year 3
Inventory turnover=$643,825 /($87,750+$97,400)/2
Inventory turnover=$643,825/$92,575
Inventory turnover=6.95 times
Days' sales in inventory=$97,400/$643,825×365 days
Days' sales in inventory=55.22 days
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Brooke needs a $6,000 personal loan.
Which loan option would require her to pay back the least amount of money?
A)24-month loan with an 8% annual simple interest rate
B)36-month loan with a 6% annual simple interest rate
C)60-month loan with a 4% annual simple interest rate
S) 72-month loan with a 2 annual simple interest rate

20 POINTS!!!!
Answers
Answer: The answer is D 72-month loan with a 2 annual simple interest rate
Explanation:
A) 24x480=11,500 is incorrect
B) 36x360=12,960 is incorrect
C) 60x240=14,400 is incorrect
D) 72x120=8,640 is correct
I hope I wasn't too late to help. ;)
The loan option that would require her to pay back the least amount of money is: D) 72-month loan with a 2 annual simple interest rate.
Loan optionBased on the information given the loan option that would require her to pay back the least amount of money is 72-month loan with a 2 annual simple interest rate reason being that amount she will paid will be least amount compare to other loan options.
Loan=72 months ×($6,000×2%)
Loan=72 months×$120
Loan =$8,640
Inconclusion the loan option that would require her to pay back the least amount of money is: D) 72-month loan with a 2 annual simple interest rate.
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Jones Corporation switched from the LIFO method of costing inventories to the FIFO method at the beginning of 2017. The LIFO inventory at the end of 20X0 would have been $80,000 higher using FIFO. Reported retained earnings at the end of 2016 were $1,750,000. Jones’s tax rate is 21%. Tax law requires a company using LIFO for tax purposes to use it for financial reporting as well. So, when Jones changes from LIFO to FIFO, it will have to do the same for tax purposes. Further, Jones must recognize taxable income equal to the amount by which it increases the inventory valuation when it makes the change. As a result, Jones will pay tax on an additional $80,000 of taxable income in 2017.
Required:
a. Calculate the balance in retained earnings at the time of the change (beginning of 2017) as it would have been reported had FIFO been previously used.
b. Prepare the journal entry to record the change in accounting principle at the beginning of 2017.
Answers
Answer:
a. Calculate the balance in retained earnings at the time of the change (beginning of 2017) as it would have been reported had FIFO been previously used.
$1,813,200b. Prepare the journal entry to record the change in accounting principle at the beginning of 2017.
Dr Inventory 80,000 Cr Income taxes payable 16,800 Cr Retained earnings 63,200Explanation:
inventory under FIFO would have been $80,000 higher, that means that COGS were overstated by $80,000 and net earnings were understated by $80,000.
retained earnings 2016 = $1,750,000
tax rate 21%
Dr Inventory 80,000
Income taxes payable 16,800
Retained earnings 63,200
Retained earnings = $1,750,000 + $63,200 = $1,813,200
When companies change from LIFO to FIFO, they must adjust their income statement and balance sheet in a prospective way because it will affect the future value of their accounts. But when a company changes from FIFO to LIFO, no adjustment is required.
Which type of car insurance policy usually has the highest premium?
Answers
Comprehensive car insurance policy usually has the highest premium among all the other types of car insurance policies. Hence the correct answer is A.
Comprehensive car insurance is an optional coverage that provides protection against damage to your vehicle from various risks such as theft, vandalism, fire, and natural disasters. It also covers damages to your car from collisions with animals. Comprehensive car insurance provides broader coverage than liability insurance, including damage to both other people and property and your own car, making it more expensive.
Therefore, comprehensive car insurance policy usually has the highest premium among all the other types of car insurance policies. Hence the correct answer is A.
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